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Appraisal Well 'Demonstrates Stable Natural Gas Production'

Streetwise Reports, Streetwise Reports
0 Comments| October 29, 2019

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The test results and next steps are provided in a Mackie Research Capital Corp. report.


In an Oct. 21 research note, Mackie Research Capital Corp. analyst Bill Newman reported that Valeura Energy Inc. (VLE:TSX; PNWRF:OTCMKTS) completed the final test of the Inanli-1 appraisal well in Turkey, which, like the first three, showed stable natural gas production.

Of the four tests of Inanli-1, the first, or deepest, zone had the "most encouraging" results, noted Newman. It had the highest average flow rate and a low, decreasing water rate. The other three tests flowed gas but more slowly than the first. The final test achieved a maximum sustained flow rate of 643,000 cubic feet per day at its deepest point.

"Valeura remains optimistic that certain zones within the Inanli-1 well hold the potential for exploitation through horizontal drilling and potentially through comingled vertical completions," relayed Newman.

Valeura will begin testing the Devepinar-1 appraisal well, located 20 kilometers to the west of Inanli-1. The aim is to "better understand the lateral and vertical reservoir characteristic and hydrocarbon composition of its potential massive basin-centered natural gas accumulation (BCGA)," explained Newman.

The analyst added that whereas the potential size of the BCGA is "massive," further drilling and testing are needed to derisk the play and advance the project to the development phase. Accordingly, Mackie has a Speculative Buy rating and a CA$3.50 per share target price on Valeura, recently down from CA$5.75 per share and versus the CA$0.82 current share price.

1) Doresa Banning compiled this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor. She or members of her household own securities of the following companies mentioned in the article: None. She or members of her household are paid by the following companies mentioned in this article: None.
2) The following companies mentioned in this article are billboard sponsors of Streetwise Reports: None. Click here for important disclosures about sponsor fees.
3) Comments and opinions expressed are those of the specific experts and not of Streetwise Reports or its officers. The information provided above is for informational purposes only and is not a recommendation to buy or sell any security.
4) The article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility. By opening this page, each reader accepts and agrees to Streetwise Reports' terms of use and full legal disclaimer. This article is not a solicitation for investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company mentioned on Streetwise Reports.
5) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their immediate families are prohibited from making purchases and/or sales of those securities in the open market or otherwise from the time of the interview or the decision to write an article until three business days after the publication of the interview or article. The foregoing prohibition does not apply to articles that in substance only restate previously published company releases.

Disclosures from Mackie Research, Valeura Energy, Update, October 21, 2019

Relevant disclosures required under Rule 3400 applicable to companies under coverage discussed in this research report are available on our web site at

Each analyst of Mackie Research Capital Corporation whose name appears in this report hereby certifies that (i) the recommendations and opinions expressed in this research report accurately reflect the analyst's personal views and (ii) no part of the research analyst's compensation was or will be directly or indirectly related to the specific conclusions or recommendations expressed in this research report.

Mackie Research Capital Corporation, its directors, officers and other employees may, from time to time, have positions in the securities mentioned herein.

1. Relevant disclosures required under IIROC Rule 3400 applicable to companies under coverage discussed in this research report are available on our web site at
2. None Applicable for this Issuer

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